Revolut loses two more CFOs in a month

Just one month after the loss of its Chief Financial Officer (CFO), the British aspirant bank lost two more of its senior financial managers, Financial News reported.

The $ 5.5 billion startup will be abandoned by Deputy Chief Financial Officer Stefan Will and Interim Chief Financial Officer Anna Borzenko after approximately 12 months.

Both joined in the summer of 2019. Prior to that, Will had spent one year at Credit Suisse and two years at N26 German bank, while Borzenko had spent half a year at ClearBank after an eight-year career at RBC Canada.

Representatives of Revolut said Borzenko was a short-term contractor who has now fulfilled her contract, and that they are now seeking to replace Will.

Just last month, the aspiring bank lost its CFO David McLean, who also joined Revolut last summer, having previously served three years as CFO at Metro Bank.

MacLean cited ‘personal reasons’ for ending his term of six months. He was replaced by former Standard Life Aberdeen (SLA) CFO Bill Rattray.

Revolut is going through a period of hyper-growth, with an ambitious growth trajectory and a determination to make a profit by the end of the year, despite the economic impact of the coronavirus.

The Fintech company launched in the US last month, and this year also launched a suite of money-making features, including gold trading and Revolut Junior for 7-17 year olds.

The 2018 financial results suggest that the digital bank still has a long way to go in order to achieve profitability, with losses reaching £ 32.9 million this year even though it has multiplied its revenue to £ 58.2 million in the same year.

And with rapid growth came a remarkably high turnover of executive staff. Earlier this month, Revolut’s chief of wealth and trade, Andre Mohammed, left just nine months after the bank launched its stock trading function.

And last November, the bank lost its chief information security officer Dinis Kroes just two months after his appointment.

As the contender struggles to survive through the coronavirus pandemic, staff are offered a scheme that allows them to replace their pay with Revolut shares. Staff can replace £ 1 of their salary for every £ 2 of stock in the company.

So far, the bank has not had any redundancies due to COVID-19.